Facebook triples quarterly profits

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Facebook reported a 195% jump in first quarter profit as the company continued to generate new advertising income.

It reported $1.5bn (£1bn) in earnings for the period between January and March, compared to $512m last year.

As well as enticing advertisers to new products like live video, Facebook boosted sales on existing services.

Facebook also created a new class of shares, which will allow founder Mark Zuckergerg to give away shares without losing control of the company.

The company said the move will “encourage Mr Zuckerberg to remain in an active leadership role at Facebook”.

Facebook shares rose 5.8% in after-hours trading.

Going mobile

Sales for the quarter reached $5.3bn up from $3.5bn last year.

Mobile advertising made up 82% of Facebooks overall advertising revenue, up from 73% at the same time last year.

Total daily active users increased 16% from a year earlier, on mobile the increase was 24%.

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